North Carolina Down Payment Support Programs

Online Merchant account - These programs are the deposit Assistance System and also the Mortgage Credit Certificate.

You buy a house between January 1, 2009 and December 1, 2009 and should you qualify for one of the plans, you may also qualify for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who is a First Time Home Buyer? A First Time Home Buyer is someone who hasn't owned a home in the previous three years. It is exactly the same qualifying definition.

An MCC “reduces your tax liability according to a percentage of the mortgage interest which you pay.

It is possible to claim 20% of the interest you pay as a credit in your federal income taxes should you qualify for the MCC. It is possible to save as much as $2,000 on your taxes.

You will have the ability to join this with the $8,000 tax credit should you qualify for 2009. This would reduce a buyer's tax liability by $10,000.

Household income is defined as the “gross income of the mortgagor and every other person expected to reside in the dwelling who's 18 years of age or older.”

House price limitations that apply in Durham Orange and Chatham Counties and the income are given below.

MCC Income Limitations 1 Person $61,500 2 Individuals $61,500 3 Men $70,500 4 Men $70,500

MCC Sales Cost Limits New Home $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

The customer just has to pay and the load would pay around .

This plan has more stringent income limits than the MCC program outlined above. Like the MCC program, it could be used along with all the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit assistance, however, can not be utilized together with all the MCC. That is an either or scenario.

House price limits that apply in Durham, Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limitations

1 Person $39,950 2 Individuals $45,650 3 Men $51,350 4 Men $57,050

Down Payment Support Sales Price Limits New Dwelling $210,000 Existing Residence $210,000